Tech and delivery giant Amazon has added over 1GW of solar PV and wind capacity to its operations in Europe so far in 2023.
The new capacity is spread over 39 projects across 13 countries, including 15 rooftop installations on Amazon’s own buildings and 24 utility-scale solar and wind projects. In total, the company claims that it has generated €2.4 billion (US$2.5 billion) in investment between 2014-2022 and supported 3,900 jobs across its entire renewables portfolio, according to its own economic model based on its investments into power purchase agreements (PPAs).
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Globally, Amazon said that this figure was US$12 billion as of September 2023.
This follows a report from Mercom Capital this month which found that solar sector corporate financing rose 55% year-on-year in the first nine months of 2023 to US$29 billion.
“Corporate investment is an important catalyst to help transition toward a clean energy future, and we look forward to continuing to work with governments, local communities, and energy providers across Europe to deliver more renewable energy into local grids,” said Lindsay McQuade, director of energy, EMEA at Amazon.
Amazon said that its total current portfolio would represent 5.8GW capacity once fully operational.
McQuade continued: “With more than 160 wind and solar projects in Europe, Amazon is helping to provide new sources of clean energy to local grids, creating jobs, and supporting local businesses as we progress toward powering our operations with 100% renewable energy by 2025.”
According to a report from BloombergNEF, corporate PPAs worldwide reached record levels in 2022 and Amazon was one of the leading signatories. Europe, the Middle East and Africa (EMEA), however, saw a 7% decrease in PPA signings in 2022 as a result of the energy crisis following the outbreak of war in Ukraine. BNEF forecast that 2023 would see a return to growth for the region.
At the end of last year, Amazon said that its total global renewable energy portfolio was 20GW, after adding 8.3GW across the world in 2022.